Phoenix Mills inks JV for retail development in Ahmedabad

The Phoenix Mills has entered into a 50:50 joint venture with Ahmedabad-based BSafal group to acquire a 5.16-acre land located on Sarkhej - Gandhinagar (SG) Highway in Thaltej, Ahmedabad. Phoenix Mills will invest around Rs 230 crore for its 50% stake in the joint venture. The joint venture will develop a retailproject spread over around 0.6 million sq ft. This retail development will be operated and managed by Phoenix Mills, the company said in a release. “This investment is in line with Phoenix Mills plan to establish presence in emerging tier-1 cities…With our foray in Ahmedabad, our retail portfolio under development stands at around 4.6 million sq ft in addition to our existing operational portfolio of about 6 million sq ft. This brings us very close to our stated plan of adding 5-6 million sq. ft by FY23,” said Shishir Shrivastava, Joint MD, The Phoenix Mills.